The subsidiary of the American industrial giant General Electric (GE) (NYSE: GE) GE Ventures has participated together with March Capital Partners, City Light Capital and NexStar Partners, in the fundraising round of Series A of the cybersecurity startup Xage, in which it has managed to raise $12M.
WHY IS IT IMPORTANT?
1. Xage uses blockchain technology to connect industrial devices to the Internet of Things (IoT) safely. After finishing the fundraising, the company is planning to widen its area of the appliance to the national level. Currently, the company is operating in the fields of telecom, manufacturing, utilities, energy and building management.
2. Before the fundraising round, Xage's valuation amounted to $35 million. It should be noted that this round of financing coincides with the increase in cyber attacks.
Devices individually verify the authenticity of the fingerprints over the distributed system, which creates a natural protection from being hacked compared to centralized systems.
Several companies of GE pursue the implementation possibilities of blockchain to respective businesses. Earlier in June, a patent for authenticating 3D-printed parts over a DLT has been applied by the holding. In December 2017, the group was involved in patenting a blockchain system which will track aircrafts and maintenances.
General Electric is one of the leaders in the field of innovative and sustainable technologies with twelve business sectors, including energy, aviation, health, renewable energy, transportation and global research.